• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 10 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 19 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 4 hours Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours Saudi Arabia turns to solar
  • 19 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 2 mins Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 40 mins U.S. Withdraws From U.N. Human Rights Council
  • 1 hour Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 4 hours Gazprom Exports to EU Hit Record
  • 5 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 9 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 3 hours "The Gasoline Car Is a Car With a Future"
  • 23 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 15 hours EVs Could Help Coal Demand
  • 4 hours Sell out now or hold on?

ConocoPhillips to Sell Oil Sands Assets to Exxon

ConocoPhillips has cut a deal to sell all of its Clyden oil sands property—a total of 226,000 acres--in Canada to ExxonMobil Canada and Imperial Oil for $720 million.

The deal, announced on Thursday, 8 August, means Exxon Mobil Canada and Imperial Oil will buy 100% of ConocoPhillips Clyden oil sands stake, with Exxon acquiring 72.5% and Imperial acquiring 27.5%.

So really, it’s largely an Exxon deal because Imperial is 70% owned by Exxon Mobil.

ConocoPhillips is on an asset purge, hoping to raise $13.8 billion through the sale of its non-core assets. The company enjoys that status of having the largest oil sands holdings in the area, with a total of 1.1 million acres and 16 billion barrels of oil.

Related article: Chesapeake Gives Up On New York Fracking

The deal should be closed by the end of September.

ConocoPhillip’s shareholders will be pleased—the money raised in the asset purge will go to dividends and stock buybacks.

Overall, while the supermajors are underperforming the small shale producers in the US, ConocoPhillips is eyeing a return to the non-integrated days. In 2012, it spun off its downstream assets into Phillips 66.

By. Jen Alic of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News